Youngman will submit a new bid for Saab next week, sources say

Article by Christian Andrei, on January 19, 2012

It’s likely that Chinese group Zhejiang Youngman Lotus Automobile will submit a new bid for Saab next week, according to sources. A Swedish court has declared Saab to be bankrupt after efforts of owner Swedish Automobile had failed. One major factor had been the refusal of previous owner General Motors Co. for its technology used to underpin Saab cars to get to Youngman.

The source further said that the Chinese group is interested and is ready to make an offer, which may reach several billion Swedish crowns. Another source confirmed that a bid is expected next week.

None of the sources have an idea of how Youngman would circumvent GM's objections. The lawyer who represented Youngman said that the company aims to develop technology that GM doesn’t control. The same two sources said that a bid sounds off an alarm if its receivers would arrange to sell some components of Saab’s business to engineering firm Semcon.

This doesn’t leave much for a buyer who wanted to build cars. The source pointed out that the danger would be if Saab and Semcon have entered a deal with the receiver over large parts of Saab Automobile that will make it nearly impossible for anyone to purchase Saab as a whole. The receivers and Semcon have not made any comments.

Just last week, Saab's receivers have started to sell Saab cars for sale to raise cash until the possible bids for the carmaker may be placed. Another problem is that the receivers would still have to provide details on what assets are for sale. It’s not yet known when the brand rights would be. GM has yet to confirm also if these technologies for the brand rights are for sale.

Topics: saab

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